BIBF and UK firm Cogneum developing platform to converge Shariah governance and UN SDGs
The Bahrain Institute of Banking and Finance (BIBF) is working with UK-based developer Cogneum and their Middle East and Africa partner Innosoft Solutions on a Shariah governance software platform.
The cloud-based platform is meant to allow Islamic banks and financial institutions to streamline their internal Shariah governance processes, facilitate the integration of Maqasid al Shariah and the UN SDGs in their workflow, and maintain an audit trail and track evidence for enhanced corporate governance and reporting, according to BIBF.
“We are currently in the developing phase of the product,” said Mujtaba Khalid, Head of the BIBF Islamic Finance Center. “If all goes as planned, we plan to launch this product by the fourth quarter of 2020.” The BIBF is a training institute affiliated to the Central Bank of Bahrain.
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